Once the glasses have clinked and the confetti has settled, many of us are found focusing on what new things we can try or do to make the new year different. As you embark on your hopes and ambitions for 2024, we break down what that means for your business.
The Era of Opportunity
The digital landscape is ever-changing, presenting businesses with unprecedented opportunities to reinvent, reposition, and reconnect with their audience. Whether it’s a startup entering the scene, an established business pivoting its focus, or an industry adapting to emerging trends, the potential for growth is immense. But it comes with challenges. In 2024, we expect AI to hit a tipping point and impact most industries in a material way. We’ll see AI help businesses scale, innovate quicker, deliver better customer service, and reach larger audiences. Forrester estimates that AI will surface insights that dictate one in five new B2B product launches. Already we are seeing more than 92% of Fortune 500 companies use AI tools like ChatGPT for their business.
To help navigate this new reality and see how AI can help your business, set aside a budget to run test campaigns for a specific platform— for example, meta for social or your CRM or email platform. If all this feels intimidating, partner with an agency that understands AI and can help map out a plan to leverage it for your business.
Cutting Through the Clutter
The number of channels available to marketers is growing, and consumers will continue to spend more time consuming content. But attention spans are actually shrinking. With so many businesses jockeying for scarce and valuable attention, it’s critical to connect with your audience with clarity and conviction. This year, more than ever, you’ll need a clearly defined brand mission and message, and you’ll need to deliver it in a way that resonates with the right people. If you can’t clearly explain what you do and why it matters in less than 5 seconds, you need clarity. Additionally, finding what works for your audience and focusing on those key marketing tactics (versus trying to do a little of everything) can make this a little less daunting.
Sharing Your Brand’s Story
Every brand has a story waiting to be told. The beginning of a new year is a great time to tell that story and reintroduce yourself to customers and prospects. Spend time developing the best version of that story and mapping out a strong distribution plan. Introduce yourself through a brand ad, brand story, or even an animated explainer. And be sure to think about how you’ll translate that story across different channels and to different audiences. And don’t forget to make the customer, not your company, the hero of the story. Explore our Between Pixel’s Story Framework for your brand.
Understanding Consumer Behavior
As people embark on new journeys, their needs, preferences, and behaviors evolve. Take time at the beginning of the year to see if (and how) your audience has evolved. And make sure your marketing strategy recognizes and anticipates these shifts, aligning your brand with the evolving aspirations and values of your target audience. On average a business will lose 10-25% of their customers annually which can be costly. Stay ahead of the curve by conducting regular focus groups and social sentiment analysis to uncover emerging trends and consumer insights. According to SurveyMonkey consumer analysis can help predict what is causing consumer churn and allow you to prevent it from happening to your business – since it is more affordable to maintain a consumer than to secure a new one.
Navigating the Competitive Landscape
The competitive landscape is becoming more dynamic with new businesses entering the scene. In fact, according to the U.S. Census Bureau, 5,044,748 new businesses started in 2022 alone. However, this should be viewed as an opportunity rather than a threat. Conduct a thorough brand audit with competitive analysis to identify gaps, differentiators, and areas for improvement. Position your brand as a leader by highlighting what sets you apart in this era of new beginnings. Additionally, make sure you are differentiating your content. With the rise of AI more brands will be using the tool to create copy and content. Consumers will easily be able to pick up on repeat content that is not customized from AI origins.
Collaborate, Innovate, and Experiment
The spirit of starting something new often thrives on collaboration and innovation. Explore partnerships with emerging creators, engage in cross-industry collaborations (we love an Instagram collab post!), and foster a culture of creativity within your organization. This is also the best time to A/B test and experiment. From trying new ad placements to testing video content styles, the experimentation in Q1 can help set up your content marketing strategy for the rest of the year and future-proof your marketing. And we’ll continue to see the platforms themselves experimenting, with Instagram and Meta rolling out more AI features— from images to messaging to video editing.
In a landscape where everyone is starting something new, your business has the opportunity to thrive by embracing change. The key lies in understanding evolving consumer behaviors, crafting compelling narratives, navigating the competitive landscape with agility, and fostering a culture of collaboration and innovation. As your strategic partner, we’re here to guide you through this transformative journey and help your business connect deeply with your customers— even when it seems like everything is changing. Let’s embark on this exciting journey together!
